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Tesla Announces 5-For-1 Stock Split; Shares Surge 6%

Courtesy of ZeroHedge View original post here.

On a day that saw a rotation back into value stocks pre-empt a broad-based market selloff as investors, and weeks after Apple announced a split of its own, Tesla has just announced a 5-1 stock split.

The news sent shares of the electric vehicle maker up 6% in post-market trade. Though it’s shares are still trading well above $1,000 apiece, the car company took a shellacking on Tuesday, falling 3.1% before the close.

“Each stockholder of record on August 21, 2020 will receive a dividend of four additional shares of common stock for each then-held share, to be distributed after close of trading on August 28, 2020. Trading will begin on a stock split-adjusted basis on August 31, 2020,” the company said in a corporate filing.

Though the split will make Tesla shares more “affordable”, Charles Schwab and other online brokerages are already offering fractions of shares held on their balance sheets for as little as $5.

So, why is Tesla going ahead with the stock split if retail investors are clearly having no trouble accessing the company’s shares? 

We’ll let you take a guess.


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